Share trading volumes rise for 20th month in April

The volume of share trading rose for a 20th month in April, when the government completed its partial privatisation programme with the listing of Genesis Energy, though the value of activity fell for a fifth month.

The number of trades climbed 36 percent to 111,146 in April from a year earlier, with transactions of less than $50,000 advanced 38 percent to 102,876. Daily average value traded rose 4 percent to $156 million in a month shortened by public holidays, and the total value traded in April fell 1.2 percent to $3 billion.

Equity trading continued to dominate NZX activity, with total trades up 39 percent to 108,880, and value traded edged up 0.4 percent to $2.9 billion. Debt market activity dropped 27 percent to 2,266 with a 43 percent slump in value traded to $63 million.

The stock market got a shot in the arm from the government's sell down of power companies and Air New Zealand over the past year, with Genesis rounding out the programme in April.

The Genesis listing drove $2.51 billion of new capital listing on the NZX last month. The number of equity securities listed rose 1.2 percent to 165 in April from a year earlier, while debt securities dropped 6.5 percent to 86, and other securities fell 14 percent to 6.

Listed issuer raised $243 million in primary equity and $3 million in dual or secondary equity in April across 24 events. Some $726 million has been raised in the year so far.

The market value of all equity was up 24 percent to $90.2 billion, or 39.7 percent of gross domestic product, as at April 30, while debt capitalisation was up 1 percent to $13.9 billion, or 6.1 percent of GDP.

NZX shares were unchanged at $1.25 on Friday, and have increased 0.8 percent this year.